Weekly Technical Analysis 02/01/2024
Start your week by identifying the key price levels and trends.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
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Germany 40
Currently in a bullish trend with the price trading above the 20-period VWAP of 16,757. It finds immediate support at 16,625, with a potential move towards resistance at 16,882. The RSI at 69 suggests that momentum is strong but approaching overbought territory, warranting caution for a potential pullback.
UK 100
Exhibiting a bullish stance as prices hover above the 20-period VWAP of 7,615. Support is established around 7,470, whereas resistance lies near 7,760. An RSI of 72 indicates a strong bullish momentum but also nearing overbought levels which could precede a consolidation or retrace.
Wall Street
The index shows bullish behaviour, positioned above its 20-period VWAP of 37,783. Support and resistance are found at 36,176 and 38,112, respectively. With an RSI of 78, the index may be considered overbought, suggesting that caution should be exercised as the possibility for a reversal or pause in the uptrend increases.
Brent Crude Oil
The market is in a bearish phase as the current price is below the 20-period VWAP of 77.21. Support is seen at 73.30, while resistance is at 81.11. The RSI is at 48, indicating neither overbought nor oversold conditions, but the bearish trend might persist if prices continue to stay below the VWAP.
Gold
The commodity is bullish, with prices trading above the 20-period VWAP of 2,037. Support is found at 1,980, with resistance at 2,095. An RSI of 61 shows a healthy bullish trend without immediate overbought concerns, suggesting the potential for continued upward movement.
EUR/USD
The currency pair is in a bullish trend, with the current price above the 20-period VWAP of 1.0943. Support is present at 1.0727, and resistance at 1.1159. The RSI at 59 indicates a moderate bullish momentum, with room for upward movement before hitting overbought conditions.
GBP/USD
Demonstrating a bullish trend above its 20-period VWAP of 1.2673. The pair has support at 1.2521 and faces resistance at 1.2825. The RSI stands at 59, suggesting that there is still some upward momentum before the market becomes overbought.
The SpreadEx Research team has analysed the most popular markets, including stocks, indices, commodities & forex.
----------------------------------------------------------------------------------------------------------------------
Germany 40
Currently in a bullish trend with the price trading above the 20-period VWAP of 16,757. It finds immediate support at 16,625, with a potential move towards resistance at 16,882. The RSI at 69 suggests that momentum is strong but approaching overbought territory, warranting caution for a potential pullback.
UK 100
Exhibiting a bullish stance as prices hover above the 20-period VWAP of 7,615. Support is established around 7,470, whereas resistance lies near 7,760. An RSI of 72 indicates a strong bullish momentum but also nearing overbought levels which could precede a consolidation or retrace.
Wall Street
The index shows bullish behaviour, positioned above its 20-period VWAP of 37,783. Support and resistance are found at 36,176 and 38,112, respectively. With an RSI of 78, the index may be considered overbought, suggesting that caution should be exercised as the possibility for a reversal or pause in the uptrend increases.
Brent Crude Oil
The market is in a bearish phase as the current price is below the 20-period VWAP of 77.21. Support is seen at 73.30, while resistance is at 81.11. The RSI is at 48, indicating neither overbought nor oversold conditions, but the bearish trend might persist if prices continue to stay below the VWAP.
Gold
The commodity is bullish, with prices trading above the 20-period VWAP of 2,037. Support is found at 1,980, with resistance at 2,095. An RSI of 61 shows a healthy bullish trend without immediate overbought concerns, suggesting the potential for continued upward movement.
EUR/USD
The currency pair is in a bullish trend, with the current price above the 20-period VWAP of 1.0943. Support is present at 1.0727, and resistance at 1.1159. The RSI at 59 indicates a moderate bullish momentum, with room for upward movement before hitting overbought conditions.
GBP/USD
Demonstrating a bullish trend above its 20-period VWAP of 1.2673. The pair has support at 1.2521 and faces resistance at 1.2825. The RSI stands at 59, suggesting that there is still some upward momentum before the market becomes overbought.
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